Wonga no longa!

Not just a generational thing either. My mother is thick when it comes to money.

Over the last 12 months I've sorted out her accounts, utilities, cards etc because she was in and out of hospital and missing payments.

She was having her pension paid into the post office, and then physically drawing the money out and walking up the road to deposit it in the bank!

I once tried to explain to her about credit scores and getting the best rates, and she said "my credit is very good". I asked how she knew that and she replied "shopacheck are brilliant with me they always let me have what I want, so I must be a good customer".

Some people can't be helped unfortunately, and some are such bad risks that the only way to raise funds is through the sharks.

 

Payday lender Wonga has announced its intention to go into administration after losing its battle to stay afloat.

Whoooo whoooooooo........................................

 

Or avoid paying compensation out....

 

Sadly there will be other lenders that fill the void.

 

And most amusingly all those who owe Wonga money jumping for joy thinking its going to get written off will be in for a rude awakening.

The repayments are still due and over time large tranches will be sold off to debt purchases/asset managment companies who will not **** about.

Couple of nice letters. A letter before action before issuing court papers. Followed up by enforcement action.

 

Given who they lent to anyone with half a brain will agree to pay a £1 a week back.

 

Anyone with half a brain will offer to pay back a £1 a week back.

Whether the new owner of the said debt accepts it is a different matter.

 

Think they will have to owe more than 1k before they can take court action.

 

Martin Lewis mentions the lack of alternatives in this post about it.

 

Given the financial situation of those Wonga chose to exploit it is highly unlikely that any court would advise payment of more significant amounts if the person was making payments towards the loan and engaging with the new owner. Doubt in that situation the new owner would take em to court.

 

Even though they are in admin they are still advertising on tv bloody rob dogs!

 

You can take someone to small claims court for a quid should you do be inclined.

A grand is the lower limited for enforcement by a charging order on a property

 

The book should be sold will be split into various tranches.

For example, those paying and carry on post Wong’s admin
Those who were paying and decided to cancel when Wong’s hit admin
Those who refuse to pay.

The top lot until the debtor defaults on an arrangement will be left well alone.

The rest will be fair game.

Remember payday loans indicate the debtor has employment. Ergo attachment of earnings. Possible charge on a property. Assets at the address.

 

I don't think its common, but my employer has now started offering loans to staff - more like a credit union arrangement, which seems like a good idea from both sides. The employee gets out of a short-term shortfall without having to resort to dodgy lenders, high interest and the other associated problems, and the money is paid back through salary so they are guaranteed to get it back. I haven't seen any more details, so don't know if there are any interest rates or other charges attached.

 

I've never used them anyway so they can ballacks.

 

Never got taught that, but had to learn Pythagoras so at least I can calculate the diagonal of my credit card bill.

 

But from which corner?